DayStar Technologies cuts losses in Q3 2011

Nov 15, 2011 - US thin-film solar products developer DayStar Technologies (NASDAQ:DSTI) saw its net loss narrow in the third quarter of 2011 to USD 1.3 million (EUR 954,000) from USD 7.4 million a year ago.

On per share basis, the company reported a net loss of USD 0.14 versus USD 1.62 last time.

DayStar generated no revenues in the quarter. It had not booked any sales in the same period in 2010, either.

Research and development expenses were unchanged at USD 200,000, while selling, general and administrative costs fell to USD 300,000 from USD 1.3 million. The company said those figures reflected the cost savings actions it had taken and a reduction in share based compensation expenses.

DayStar also noted that the year-earlier net loss included USD 2 million in restructuring charges as it booked impairments on certain production equipment when it shut down its plant in Newark, California. The deficit in the third quarter of 2010 also included a USD-4.9-million loss on debt extinguishment.

Chairman and interim chief executive Peter Lacey said DayStar continued talks with would-be strategic partners and investors.

(USD 1 = EUR 0.734)

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